Dutch animal feed group Nutreco reported third-quarter revenue of €1.48 billion ($1.94 billion), slightly above analysts' forecast.
Analysts in a poll commissioned by Reuters had forecast revenue of €1.455 billion.
It confirmed its full-year outlook for earnings before interest, taxes and amortisation (EBITA) before exceptional items of €260 million.
Nutreco, which produces animal and fish feed and is a major poultry processor, has a global market share of more than a third in salmon feed.
Q3 in short:
- Animal Nutrition revenues up 7% due to higher feed prices as a result of rising raw materials prices,
- Volumes down 3% due to tough market conditions mainly in Spain,Fish Feed revenues increased by 21% driven by 15% total volume growth of which 6% is organic and a 9% contribution from the Shihai acquisition,
- Solid profits in all segments except for Meat and Other which declined as a result of higher feed costs,
- Outlook: In an uncertain environment and based on current trading conditions, Nutreco confirms its outlook for the full year and expects EBITA before exceptional items to be approximately €260 million (2011: €232 million).
Read the full Q3 press release on the Nutreco website.